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Citigroup boss Vikram Pandit resigns

16 October 2012 Last updated at 22:30 BST

Citigroup chief executive Vikram Pandit has surprised Wall Street by resigning with immediate effect.

Mr Pandit is being replaced by Michael Corbat, who was previously the bank's chief for Europe, the Middle East and Africa.

In a statement, Citigroup praised Mr Pandit for his "leadership, integrity and resilience in guiding Citi through the crisis".

Ben Thompson reports from New York.